Lowest Rates in a Year. Tomorrow's Fed Announcement Could Push Them in EITHER Direction

Rates have been flirting with long term lows over the past 2 weeks, but today made it official.  Today's average top tier 30yr fixed rate perfectly matched that seen on September 16th, 2025.  That's the lowest it's been since September 2024, and we're so close to those lows that it's just as fair to say rates are the lowest they've been in over 3 years.  Today's move didn't come in response to anything specific. In fact, most of the justification for it was seen in yesterday's trading session and simply didn't have an opportunity to impact the average lender until this morning.  Incidentally, there are similar vibes this afternoon as bonds have once again improved too late in the day for most lenders to go to the trouble of adjusting mortgage rates. That means that if bonds (upon which rates are based) manage to hold their current levels through tomorrow morning, rates could be a bit lower again tomorrow.  Of course, after that, there's a fair amount of potential volatility associated with the Fed announcement at 2pm ET.  We already know the Fed will be cutting rates tomorrow and that rate cut has no bearing on what happens to mortgage rates going forward. Rather, it would be the tone of the Fed's press conference, or the nature of any changes in the Fed's bond buying policies (something that might be included in tomorrow's statement). Bottom line: rates are already low today. The Fed rate cut won't make them go any lower.  Other info from the Fed could make them go EITHER higher or lower, depending on what's said.  

October 28, 2025 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.13% -0.06%   6.13% 7.26% 15 Yr. Fixed 5.72% -0.04%   5.6% 6.59% 30 Yr. Jumbo 6.15% +0.00%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 28, 2025 Lowest Rates in a Year. Tomorrow's Fed Announcement Could Push Them in EITHER Direction Tue, Oct 28, 2025 4:11PM Rates have been flirting with long term lows over the past 2 weeks, but today made it official.  Today's average top tier 30yr fixed rate perfectly matched that seen on September 16th, 2025.  That's the lowest it's been since September 2024, and we're so close to those lows that it's just as fair to say rates are the lowest they've been in over 3 years.  Today's move didn't come in response to anything specific. In fact, most of the justification for it was seen in yesterday's trading session and simply didn't have an opportunity to impact the average lender until this morning.... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.13% -0.06 0.00 15 Yr. Fixed 5.72% -0.04 0.00 30 Yr. FHA 5.89% -0.06 0.00 30 Yr. Jumbo 6.15% 0.00 0.00 7/6 SOFR ARM 5.86% +0.01 0.00 30 Yr. VA 5.90% -0.06 0.00 Updates Daily - Last Update: 10/28 Freddie Mac Rate Change Points 30 Yr. Fixed 6.19% -0.08 0.00 15 Yr. Fixed 5.44% -0.08 0.00 Updates Weekly - Last Update: 10/23 Mortgage Bankers Assoc. 30 Yr. Fixed 6.37% -0.05 0.59 15 Yr. Fixed 5.74% -0.03 0.67 30 Yr. Jumbo 6.39% -0.08 0.37 Updates Weekly - Last Update: 10/22 UMBS 30YR 5.0 100.13 +0.09   95.05 100.13 UMBS 30YR 5.5 101.44 +0.11   97.47 101.44 10 YR Treasury 3.979 +0.004   3.932 4.780 MBS Continue to Outperform as Auctions Weigh on Treasuries Tue, Oct 28, 2025 10:57AM First off, bonds are doing fine this morning.  10yr yields are technically higher on the day, but only when compared to yesterday's 5pm levels.  As far as most trade desks are concerned, 3pm is the closing time for Treasuries, and against that benchmark, we're slightly stronger on the morning.  MBS are stronger still, almost certainly because ... (read more) MBS Price Change UMBS 4.5 98.25 +0.16 UMBS 5.0 100.13 +0.09 UMBS 5.5 101.44 +0.11 GNMA 4.5 98.33 +0.30 GNMA 5.0 100.14 +0.28 GNMA 5.5 101.09 +0.08 Pricing as of: 10/28 4:36PM EST US Treasury Yield Change 2 YR Treasury 3.489 -0.002 5 YR Treasury 3.608 +0.005 7 YR Treasury 3.774 +0.004 10 YR Treasury 3.979 +0.004 30 YR Treasury 4.548 +0.003 Pricing as of: 10/28 4:36PM EST Other News Correspondent, Buy Before You Sell, Verification Cascade Tools; Conventional Conforming Changes Tue, Oct 28, 2025 11:54AM My cat Myrtle never liked Halloween, apparently believing it was for amateurs. Our nation has plenty of interesting historical sites related to ghosts and unpleasant things... like Salem, Massachusetts. It lives with the history of the Witch Trials of 1692 during which 19 women and men were executed on charges of witchcraft. Today, the most frightening thing... (read more) Latest Video Private sector created nearly 15,000 jobs a week over the past month, preli... October consumer confidence comes in at 94.6 Fmr. Cleveland Fed Pres. Mester: The Fed needs to keep both inflation & emp... Dallas Fed Manufacturing Production Index remains unchanged in October Around the Web CNBC Home prices lag inflation, meaning homeowners are losing out on their investment Calculated Risk Blog A few Comments on the Seasonal Pattern for House Prices CNBC Private sector created nearly 15,000 jobs a week over the past month, preliminary ADP data shows Calculated Risk Case-Shiller: National House Price Index Up 1.5% year-over-year in August CNBC Treasury yields inch lower as investors await Fed interest rate decision CNBC What student loan borrowers need to know, as forgiveness resumes for two repayment plans PR Newswire US Consumer Confidence Virtually Unchanged in October CNBC How tariffs may skew retail sales results this earnings season Calculated Risk Blog Final Look at Housing Markets in September and a Look Ahead to October Sales CNBC Bessent lists five finalists for Fed chair job and Trump says decision coming before the end of the year Calculated Risk Blog Housing October 27th Weekly Update: Inventory Up 1.0% Week-over-week, New High for 2025 CNBC Treasury yields inch higher as investors await Fed's interest rate decision CNBC Heres the inflation breakdown for September 2025 in one chart

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